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Resolute reports strong financial results
Resolute Forest Products recently reported net income for the quarter ended June 30, 2018, of $72 million, or $0.77 per diluted share, compared to a net loss of $74 million, or $0.82 per share, in the same period in 2017. Sales were $976 million in the quarter, an increase of $118 million from the year-ago period. Excluding special items, the company reported net income of $66 million, or $0.71 per share, compared to a net loss, excluding special items, of $3 million, or $0.03 per share, in the second quarter of 2017.
"Overall positive price momentum and improved operational performance led to record profitability this quarter. Our strong financial results allowed repayment of $105 million of debt during the quarter, significantly improving our balance sheet and leverage," said Yves Laflamme, president and chief executive officer. "We are also very pleased that the countervailing duty order on supercalendered paper has recently been revoked, resulting in a $60 million refund of duty deposits over the coming months."
A new four-year collective agreement was also ratified, shortly after the end of the second quarter, with the company's largest Canadian union, Unifor, covering 1,000 employees at six of its sawmills. Earlier in the year, Resolute reached a new four-year collective agreement covering 1,100 employees at eight of the company's Canadian pulp and paper mills.
Non-GAAP financial measures, such as adjustments for special items and adjusted EBITDA, are explained and reconciled below.